Best’s News & Research Service - April 10, 2024 08:11 AM (EDT)
AM Best Comments on Credit Ratings of Protective Life Corporation Following Acquisition Announcement
- April 10, 2024 08:11 AM (EDT)
//BestWire// - AM Best has commented that the Credit Ratings (ratings) and the associated debt of Protective Life Corporation (Protective Life) (Birmingham, AL), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (Dai-ichi; TSE:8750), and its primary life insurance subsidiaries remain unchanged following the announcement that Protective Life Insurance Company has entered into an agreement to acquire ShelterPoint Group, Inc. The outlook of these ratings is currently stable.
The transaction is not expected to have any material impact on Protective Life’s balance sheet strength or any near-term material impact on its ultimate parent. ShelterPoint Group, Inc. is a leading provider of statutorily required disability and paid family leave insurance.
The transaction is expected to close in late 2024. AM Best will continue to monitor the transaction through closing and potentially take rating action should any factor associated with the deal change in a material manner.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.